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US Stocks Slip on Earnings, Jobs Data  08/04 09:38

   Stocks fell on Wall Street in morning trading on Wednesday as investors 
weighed another batch of corporate earnings and economic data that could shed 
more light on how the economic recovery is going.

   (AP) -- Stocks fell on Wall Street in morning trading on Wednesday as 
investors weighed another batch of corporate earnings and economic data that 
could shed more light on how the economic recovery is going.

   The S&P 500 index fell 0.2% as of 10:14 a.m. Eastern. The Dow Jones 
Industrial Average fell 135 points, or 0.4%, to 34,890 and the Nasdaq rose less 
than 0.1%.

   Crude oil prices fell more than 3% and pushed energy companies lower. 
Retailers, hotels and other companies that rely on direct consumer spending 
also fell.

   The yield on the 10-year rose to 1.18% from 1.17% late Wednesday.

   Payroll processor ADP revealed a disappointing snapshot of the nation's 
employment recovery, adding to concerns about the lagging recovery in the jobs 
market. ADP said the private sector added 330,000 jobs in July, falling far 
short of economists' expectations. The report comes ahead of the Labor 
Department's more comprehensive July jobs report on Friday.

   The resurgence of COVID-19 with the highly contagious delta variant in spots 
around the world is also a key concern for Wall Street. China's worst outbreak 
since the start of the pandemic a year and a half ago escalated Wednesday with 
dozens more cases around the country and the sealing-off of one city.

   Investors are also still in the thick of corporate earnings season. The 
results have been solid so far. Roughly 75% of companies in the S&P 500 have 
turned in their earnings and the majority have been surprisingly good.

   Strong profit and revenue results weren't enough to lift stocks for many 
companies on Wednesday, however. General Motors fell 7.5% despite overcoming an 
industry-wide chip shortage to beat analysts' profit expectations and raise its 
forecast. CVS Health slipped 1.9% after also reporting solid results.

   Ticket seller and concert promoter Live Nation rose 3.9% after reporting 
surprisingly mild second-quarter loss.

   Online broker Robinhood surged 31%.

 
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